Tronc Inc (NASDAQ:TRNC) shares were soaring Monday on rumors that the company may be the subject of a takeover bid from SoftBank.
The Japanese conglomerate has plenty of capital to fund such a move, which would expand its position in the global media industry as Tronc owns the likes of The Chicago Tribune, New York Daily News and The Baltimore Sun.
SoftBank isn’t the only company bidding for Tronc’s signature as private equity firm Apollo Global Management and media company Gannett are also hoping to buy the company. The move would be a significant one for the Japanese company as it would help to add to its already impressive investment portfolio, which includes Uber, WeWork and Arm.
The Tokyo-based SoftBank is spearheaded by billionaire Masayoshi Son, who controls Overland Park, Sprint and other properties. The company also owns Fortress Investment Group, a private equity firm that owns GateHouse Media, a newspaper chain it acquired in December.
GateHouse publishes in more than 600 community newspapers, including 130 dailies in 36 states, as well as more than 30 dailies in Missouri and Illinois. Son was one of the first businessman to meet up with Donald Trump after the November 2016 election, saying then that he would invest $50 billion in the U.S. and commit to creating 50,000 new jobs over an unspecified period of time.
TRNC stock surged about 9.6% on Monday.